RealShare Panelist Calls Outlook ‘Very, Very Positive’
A senior advisor at Cushman & Wakefield, Marc Petrella, is on record as saying that the outlook for industrial real estate is “very, very positive.” Perella told Globest.com that “The years 2011, 2012 and 2013 were reasonably strong recovery years, with positive net absorption in each of those years, and that set the stage for continued strong positive net absorption in 2014 – approximately 5.8 million square feet year-to-date.” He credits a lot of the current momentum to the fact that there has not been an expansion of construction in the industrial sector, which is helping to keep vacancy rates tight. Speaking to this point, Petrella said, “Some 8.7 million square feet of new product has been recently delivered or is under construction market-wide, but approximately 30 percent of that is pre-committed or build–to-suit”.
Petrella will be a panelist at the RealShare New Jersey Conference which will kick off this Thursday September 11th at the Hyatt Regency in New Brunswick.
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